The Daft.ie House Price Report · Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015-15%-5% 0%...

The Daft.ie House Price ReportAn analysis of recent trends in the Irish residentialsales market for 2015 Q3

Introduction by Ronan Lyons, Assistant Professor at Trinity College Dublin and author of the Daft Report

The last twelve months have seen a remarkable turnaround in the Irish housing market. A little over a year ago, house prices in Dublin were rising at a rate of over 20% a year while elsewhere in the country, they were for all intents and purposes static – rising at a rate of 2.1% a year.

Indeed in counties such as Longford, Westmeath

and Donegal, house prices only bottomed out in

early 2014 – and in Limerick, both city and county,

they did not bottom out until the end of 2014.

This, then, was the market in mid-2014: Dublin prices

rising unsustainably fast, while prices elsewhere

were treading water. Fast forward to September

2015 and the difference is profound. Over the last 12

months, inflation in Dublin house prices has fallen

from 24.5% to just 2.4%. Outside Dublin, inflation

has jumped from 2.1% in mid-2014 to over 13% now.

At a time when urban house prices in Cork, Galway

and Limerick are rising at a rate of almost 20% a year,

they are now falling – both quarter-on-quarter and

year-on-year – in some of Dublin’s most desirable

postal districts.

The graph on page 3 shows the annual change in

average asking prices in all major urban areas in

Ireland. With the exception of Dublin 17 and Dublin

10, two of Dublin’s most affordable postal districts,

there has been very moderate growth in prices

across Dublin. And in key areas, such as Dublin 6,

Dublin 14 and Dublin 18, house prices are now falling

in year-on-year terms.

What explains such a change in market trends

in such a short space of time? On the face of it,

sustained economic growth would be expected to

have upward pressure on house prices country-

wide, as it signals both rising incomes and improved

expectations about the future. The fact that Ireland’s

economic fortunes have improved so dramatically

and rapidly is likely to be at the heart of recent

increases in prices in many parts of the country,

including the cities outside of Dublin.

In Dublin, however, house prices had already risen

substantially in the two years to 2014 and were high

relative to incomes when the new Central Bank rules

were suggested this time last year. Those rules have

effectively tied house prices to incomes, preventing

Latest figures show the importance of staying the course on lending rules

Ronan LyonsAssistant Professor at Trinity College Dublinand author of the Daft Report

The Daft.ie House Price Report – 2015 Q3 | 2

the possibility of another credit-fueled bubble in the

capital. This shows the importance of those Central

Bank rules and thus why it is so worrying that early

election kite-flying has included suggestions to water

down the very rules that have maintained housing

affordability in the capital.

The reason that there have been these suggestions

has been down not to worsening affordability in

Dublin, but to a lack of availability. The capital is

growing by perhaps 10,000 households a year,

meaning that 100,000 new homes are needed

in Dublin over the course of the 2010s. Halfway

through the decade, fewer than 10,000 of those

have been built.

As stated in this commentary a year ago, you

do not tackle a shortage of supply in housing by

increasing the supply of credit and thus create even

more demand. The analogy used last year was of

responding to a fire: do you call the fire brigade? Or

do you throw more fuel on in the hope that a bigger

fire might catch the fire brigade’s attention?

To increase the supply of homes in and around

the capital and Ireland’s other cities, we need to

understand why, when demand exceeds supply, the

value of a home does not exceed the cost. Again,

as stated before in this commentary, this is likely to

be a consequence of “cost-blind” regulations – none

of the significant range of new regulations imposed

on building in the last ten years have ever been

analysed in terms of how they affect the ‘break-

even’ rent. Minimum standards are not paid for by

the developers, they are paid for by the occupants,

and thus they need to reflect real incomes in the

economy currently.

3 | The Daft.ie House Price Report – 2015 Q3

Market SurveyEach quarter, Daft.ie surveys over 1,000 property market participants, asking them about their sense of the market as a whole, and their own intentions. Below are some of the headline results.

Ratio of house prices to incomes fell in third quarter

Following strong growth during 2013 and 2014, the planned ratio of house prices to incomes fell back somewhat in the third quarter of the year, for example from 4.7 to 4.5 in Dublin.

Planned house price-to-income ratio

Peceived value remainspoor

Compared to 2013, few market prospective buyers believe there is value in the market - although there is some evidence this may have turned in Dublin in the last year (21% vs. 15%).

% stating that house prices currently representgood value

House price expectations outside Dublin now above those for capital

For the first time since the survey began in 2011, expected house price inflation outside Dublin (4%) exceeds that for the capital (3%).

Expected price change this year

National Dublin Ex-Dublin0%

10%

20%

30%

40%

50%

60%

70%

80%

2012 Q4 2011 Q4 2013 Q4 2014 Q3 2015 Q3National Dublin Ex-DublinNational Dublin Ex-Dublin

Q42011

Q42013

Q42012

Q12014

Q12015

Q22015

Q32015

3.0

3.2

3.4

3.6

3.8

4.0

4.2

4.4

4.6

4.8

Q42011

Q42012

Q12014

Q22014

Q32014

Q42014

Q12015

Q22015

Q32015

-15%

-5%

0%

5%

10%

15%

Q42013

-10%


10%

20%

30%

40%

50%

60%

70%

80%


Q42011

Q42013

Q42012

Q12014

Q12015

Q22015

Q32015

3.0

3.2

3.4

3.6

3.8

4.0

4.2

4.4

4.6

4.8

Q42011

Q42012

Q12014

Q22014

Q32014

Q42014

Q12015

Q22015

Q32015

-15%

-5%

0%

5%

10%

15%

Q42013

-10%


10%

20%

30%

40%

50%

60%

70%

80%


Q42011

Q42013

Q42012

Q12014

Q12015

Q22015

Q32015

3.0

3.2

3.4

3.6

3.8

4.0

4.2

4.4

4.6

4.8

Q42011

Q42012

Q12014

Q22014

Q32014

Q42014

Q12015

Q22015

Q32015

-15%

-5%

0%

5%

10%

15%

Q42013

-10%

The Daft.ie House Price Report – 2015 Q3 | 4

DU

BLIN

1

DU

BLIN

2

DU

BLIN

3

DU

BLIN

4

DU

BLIN

5

DU

BLIN

6

DU

BLIN

6w

DU

BLIN

7

DU

BLIN

8

DU

BLIN

9

DU

BLIN

10

DU

BLIN

11

DU

BLIN

12

DU

BLIN

13

DU

BLIN

14

DU

BLIN

15

DU

BLIN

16

DU

BLIN

17

DU

BLIN

18

DU

BLIN

20

DU

BLIN

22

DU

BLIN

24

NO

RTH

DU

BLIN

SOU

TH D

UBL

IN

WES

T D

UBL

IN

CORK

CIT

Y

GA

LWAY

CIT

Y

LIM

ERIC

K CI

TY

WA T

ERFO

RD C

ITY

-10%

-5%

0%

5%

10%

15%

20%

25%

Annual change in house prices, 2015 Q3

Cork City€225,361 | 19.1%

Limerick City€143,929 | 17.3%

Galway City€222,616 | 18.1%

Waterford City€126,688 | 12.0%

NationwideAverage asking prices and Y-on-Y change

DublinAverage asking prices and Y-on-Y change

North County€260,512 | 4.0%

South County€520,451 | 1.6%

West County€264,957 | 3.3%

South City€337,411 | 0.5%

City Centre€247,803 | 5.4%

North City€276,366 | 3.3%

MN€135,49310.9%

CN€123,23717.3%

WH€144,86511.1%

LD€99,7758.7%

LH€164,26312.1%

MH€207,43017.7%

KE€213,44513.6%

WW€277,50511.0%

WX€161,96112.5%

CW€143,9676.9%

KK€170,53511.4%

LS€136,60313.6%

OY€141,1097.0%

G€152,20913.2%

MO€125,1819.4%

SO€114,3025.2%

DL€127,1549.9%

RN€110,37411.8%

LM€100,4805.2%

CE€147,31418.9%

T€147,4639.6%

L€149,61310.0%

C€174,95115.9%

KY€160,7297.3%

W€179,59015.8% Prices up 18% from their lowest point

Nationally, the average asking price reached its lowest pointin the third quarter of 2013 and has risen 23.1% - €38,000 - since then. In Dublin, however, the bottom was reached in the second quarter of 2012 and prices have risen by an average of 41% - or €90,000 - since that time. The last part of the country to see prices level off was Limerick - in both Limerick city and county, prices only reached their lowest point in the final quarter of 2014 and have risen by roughly 10% (12% in the city) in the last six months.

The Daft.ie House Price Report – 2015 Q3 | 65 | The Daft.ie House Price Report – 2015 Q3

1.6%Quarter-on-quarter change in average asking prices

Daft.ie Asking Price Index Annual inflation eases again between June and September Having peaked at over 15% in early 2015, annual inflation in list prices has eased back to 8.4% in the six months since then.

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

January 185.3 213.8 212.9 184.5 151.6 128.2 105.6 96.8 99.9 112.8

February 200.2 215.8 212.3 180.9 150.3 128.1 104.5 96.1 99.3 117.6

March 198.1 214.8 209.6 177.4 146.7 125.3 102.9 96.6 103.3 119.1

April 203.2 216.5 208.1 174.7 146.6 121.8 101.7 96.6 104.5 118.7

May 205.3 217.5 205.7 171.0 145.0 120.1 102.2 97.0 107.2 119.4

June 207.1 217.1 203.4 167.7 141.8 116.1 99.5 97.5 107.9 118.2

July 209.3 219.2 202.3 165.1 138.0 115.4 97.8 96.5 109.9 120.3

August 210.4 217.5 199.6 161.2 137.6 113.1 98.9 97.0 111.2 120.4

September 213.8 215.8 198.1 159.2 136.5 113.3 97.1 96.7 112.9 121.5

October 214.7 214.8 193.7 156.4 134.0 108.7 97.9 97.2 110.5 -

November 212.8 212.4 188.2 152.3 130.9 106.0 95.8 96.9 110.0 -

December 214.9 213.5 186.3 150.9 129.8 106.0 96.0 96.2 111.1 -

Dublin house prices now largely stable

In the last 12 months, inflation in Dublin list prices has collapsed from 24.5%to just 2.4%.

Time to sell stable

Three in five properties find a

buyer within four months, the

same fraction now as a year ago.

Asking Prices, Residential Sales(2012 average = 100) Stock of properties on Daft.ie

(start of month) and flow of properties, 2007-2015

Stock (lhs) Inflow (rhs) Outflow (rhs)

0

2000

4000

6000

8000

10000

12000

14000

0

10000

20000

30000

40000

50000

60000

70000

2007 2008 2009 2010 2011 2012 2013 2014 2015

Stock of properties on the market now stable

Having fallen from a peak of

over 60,000 in 2009, there are

now roughly 30,000 properties

for sale in the country, similar to

the figure this time last year.


The Daft.ie Asking Price Index is based on asking prices for properties posted for sale on Daft.ie. An index based on asking price, as opposed to closing price, is a measure of sellers’ expectations. Figures are calculated from econometric regressions, which calculate changes in price that are independent of changes in observable measures of quality, such as location, or bedroom number.

2012 average=100

1.0%Daft.ie Transaction Price Index Annual inflation in

Dublin has stoppedFor the 18 months to March 2015, annual inflation in Dublin house prices averaged nearly 24% - now inflation in the capital is just 2.6%.

2010 2011 2012 2013 2014 2015

January 151.8 132.0 100.0 92.8 104.7 120.0

February 145.5 127.8 99.9 94.3 100.1 125.0

March 145.0 120.9 102.5 95.3 103.2 120.6

April 146.2 122.0 102.3 97.9 107.4 123.0

May 137.9 117.0 98.3 98.1 110.1 128.5

June 142.6 115.8 97.4 100.1 111.4 130.8

July 139.1 119.6 101.8 101.1 113.4 128.6

August 138.1 114.0 99.5 101.5 119.1 131.4

September 133.6 111.9 101.7 100.2 119.2 125.9

October 130.2 108.0 98.0 103.5 120.8 -

November 134.4 108.4 98.0 104.3 121.2 -

December 133.9 108.3 100.6 106.5 118.1 -

Inflation outside Dublin continues to grow

Having been falling up to mid-2014, house prices outside the capital are now growing at a year-on-year rate of 16%.

Strong growth in transaction volumes continues

There were one quarter more transactions in the second quarter of 2015 than in the same period in 2014, with half that growth coming from Dublin alone.

“Bid-ask spread” greater outside Dublin for the first time

The typical property in Dublin sold for 0.8% more than its ask in the third quarter of 2015, whereas outside the capital it sold for 1.4% more.

Number of transactions recorded onthe Price Register, 2010-2014

Number of transactions recordedon the price register, 2010-2015

(start of month) and flow of properties, 2007-2015

Q12010

Q22010

Q32010

Q42010

Q12011

Q22011

Q32011

Q42011

Q12012

Q22012

Q32012

Q42012

Q12013

Q22013

Q32013

Q42013

Q12014

Q22014

Q32014

Q42014

Q12015

Q22015

Q3*2015

0

2000

4000

6000

8000

10000

12000

14000

16000


The Daft.ie Price Register Index is based on prices for residential properties recorded on propertypriceregister.ie, for which matches were found in the daft.ie archives. Because these are entered with a lag by solicitors, figures for previous quarters are subject to revision. Figures are calculated from econometric regressions, which calculate changes in price that are independent of changes in observable measures of quality, such as location, type, or size.

Quarter-on-quarter change in average transaction prices

2012 average=100

Asking prices nationwideAverage asking prices across Ireland (€000s), and annual change (%), 2015 Q3


LEIN

STER

MU

NST

ERCO

NN

ACH

TU

LSTE

R

OTH

ER C

ITIE

S

1 bed apartment 2 bed terraced 3 bed semi-d 4 bed bungalow 5 bed detached

Dublin 1 €153 5.0% €239 5.4% €331 1.2% €484 0.1% €559 -13.1%

Dublin 2 €240 -4.1% €318 3.2% €445 -2.0% €668 -1.0% €735 -10.3%

Dublin 3 €197 6.9% €278 5.1% €394 5.6% €629 0.8% €786 2.3%

Dublin 4 €282 -3.2% €388 1.4% €564 -0.4% €948 -1.5% €1,116 -1.5%

Dublin 5 €165 -3.6% €209 1.1% €312 2.5% €508 4.0% €627 10.1%

Dublin 6 €278 -12.8% €352 -8.6% €526 -7.3% €857 -5.9% €1,057 -0.4%

Dublin 6W €223 -7.4% €283 -2.9% €422 -1.6% €688 -0.1% €848 5.8%

Dublin 7 €168 0.1% €213 4.9% €318 6.3% €518 8.0% €639 14.3%

Dublin 8 €173 1.0% €220 5.8% €328 7.3% €534 8.9% €659 15.3%

Dublin 9 €167 -4.8% €212 -0.2% €316 1.1% €515 2.7% €635 8.7%

Dublin 10 €104 2.4% €132 7.3% €196 8.8% €320 10.5% €394 16.9%

Dublin 11 €122 -2.7% €155 2.0% €231 3.4% €376 5.0% €464 11.1%

Dublin 12 €142 -4.7% €181 -0.1% €270 1.2% €439 2.8% €542 8.8%

Dublin 13 €172 -5.9% €218 -1.4% €325 0.0% €530 1.5% €654 7.5%

Dublin 14 €213 -9.6% €270 -5.2% €403 -3.9% €656 -2.4% €809 3.3%

Dublin 15 €131 -5.3% €166 -0.8% €248 0.6% €404 2.2% €498 8.2%

Dublin 16 €196 -7.8% €248 -3.3% €371 -2.0% €604 -0.5% €745 5.4%

Dublin 17 €116 3.8% €148 8.8% €220 10.3% €359 12.0% €443 18.5%

Dublin 18 €216 -9.1% €274 -4.7% €408 -3.4% €665 -1.9% €821 3.9%

Dublin 20 €149 -1.0% €189 3.8% €283 5.2% €460 6.8% €568 13.1%

Dublin 22 €107 -2.6% €136 2.1% €203 3.5% €331 5.1% €408 11.3%

Dublin 24 €114 0.7% €145 5.6% €216 7.0% €352 8.7% €435 15.0%

North Co Dublin €134 -3.6% €169 1.0% €253 2.4% €412 4.0% €508 10.1%

South Co Dublin €257 -6.1% €326 -1.5% €487 -0.2% €793 1.4% €978 7.3%

West Dublin €133 -4.5% €169 0.1% €252 1.5% €410 3.0% €506 9.1%

Cork City €95 9.5% €113 16.5% €192 20.5% €342 19.7% €443 25.7%

Galway City €86 8.5% €102 15.4% €174 19.3% €309 18.6% €401 24.5%

Limerick City €64 7.8% €75 14.6% €128 18.5% €228 17.8% €295 23.6%

Waterford City €53 2.9% €63 9.5% €108 13.2% €192 12.5% €248 18.1%

1 bed apartment 2 bed terraced 3 bed semi-d 4 bed bungalow 5 bed detached

Meath €81 10.6% €97 14.6% €147 22.9% €295 20.9% €338 23.1%

Kildare €88 6.8% €106 10.7% €161 18.7% €323 16.7% €369 18.9%

Wicklow €113 5.1% €136 8.9% €206 16.9% €413 14.9% €472 17.0%

Louth €70 5.8% €84 9.6% €127 17.6% €254 15.6% €290 17.8%

Longford €36 2.9% €44 6.7% €66 14.4% €133 12.5% €151 14.6%

Offaly €54 0.7% €65 4.4% €99 12.0% €198 10.1% €226 12.1%

Westmeath €57 4.1% €68 7.9% €103 15.7% €206 13.8% €236 15.9%

Laois €55 7.0% €66 10.9% €100 18.9% €200 16.9% €228 19.1%

Carlow €56 1.0% €67 4.7% €101 12.3% €203 10.4% €232 12.5%

Kilkenny €64 5.4% €77 9.3% €117 17.2% €235 15.2% €268 17.4%

Wexford €59 6.7% €70 10.6% €106 18.6% €214 16.6% €244 18.8%

Waterford Co €63 1.6% €77 12.6% €116 14.9% €239 19.1% €277 24.5%

Kerry €55 -6.0% €67 4.2% €102 6.4% €209 10.2% €243 15.2%

Cork Co €62 1.6% €76 12.6% €115 14.9% €238 19.1% €276 24.5%

Clare €53 4.4% €65 15.7% €98 18.1% €202 22.3% €235 27.9%

Limerick Co €49 -4.0% €61 6.4% €92 8.6% €189 12.5% €220 17.6%

Tipperary €52 -4.0% €64 6.4% €96 8.6% €198 12.5% €230 17.7%

Galway County €50 6.6% €53 5.3% €81 15.0% €174 14.9% €208 17.9%

Mayo €47 3.7% €50 2.4% €76 11.8% €163 11.7% €195 14.7%

Roscommon €38 5.8% €41 4.6% €62 14.1% €132 14.1% €158 17.1%

Sligo €46 -0.3% €50 -1.5% €76 7.5% €162 7.4% €194 10.3%

Leitrim €37 0.0% €40 -1.2% €60 7.9% €129 7.8% €154 10.6%

Donegal €45 3.6% €48 2.4% €73 11.8% €157 11.7% €187 14.6%

Cavan €42 10.2% €46 8.9% €69 18.8% €148 18.8% €178 21.9%

Monaghan €50 4.5% €54 3.2% €82 12.6% €175 12.6% €210 15.6%

DU

BLIN

DublinBetween June and September, average asking prices fell in all parts of Dublin, typically by about 1%.

North CityAverage price: €276,366Qtr-on-qtr change: -1.3%Year-on-year change: 3.3%Change from trough: 40.2%

City CentreAverage price: €247,803Qtr-on-qtr change: -0.6%Year-on-year change: 5.4%Change from trough: 47.8%

South CityAverage price: €337,411Qtr-on-qtr change: -1.7%Year-on-year change: 0.5%Change from trough: 38.7%

North CountyAverage price: €260,512

Qtr-on-qtr change: -1.5%Year-on-year change: 4.0%

Change from trough: 27.8%

West CountyAverage price: €264,957



South CountyAverage price: €520,451



One year ago Previous quarter Current quarter

Proportion of properties marked as sale agreed and withdrawn, 2012-2015.

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

Within 6 months

Within 4 months

Within 2 months

How fast are properties in Dublin selling?

Average house price by area, 2006-2015.

How have house prices changed?

Dublin City Centre North Dublin City South Dublin City North County Dublin South County Dublin West County Dublin

Q12006

Q12007

Q12008

Q12009

Q12010

Q12011

Q12012

Q12013

Q12014

Q12015

Q32015

€100,000

€200,000

€300,000

€400,000

€500,000

€600,000

€700,000

€800,000


Greater stock on the marketA greater number of properties are available to buy in the Dublin market now, compared to a year ago - the average for the first 9 months of 2015 has been 4,100 at any one time, compared to 2,800 for the same period in 2014.

Swift sales dwindlingA declining fraction of properties sell within four months in the capital - from nearly three quarters a year ago to two thirds now.

Transaction prices close to askThe average transaction price in Dublin is just 0.8% above its original list price, compared to 7% above a year ago.

Year-on-year fallsIn three postcodes - Dublin 6, 14 and 18 - asking prices now are lower than a year previously, while in many others, particularly on the southside, they are no more than 2% higher.

LeinsterAlmost all parts of Leinster, outside Dublin, saw significant increases in average prices of 2% - 4% between June and September.

LouthAverage price: €164,263Qtr-on-qtr change: 2.9%Year-on-year change: 12.1%Change from trough: 28.8%

MeathAverage price: €207,430Qtr-on-qtr change: 3.5%Year-on-year change: 17.7%Change from trough: 38.1%

KildareAverage price: €213,445Qtr-on-qtr change: 2.8%Year-on-year change: 13.6%Change from trough: 36.1%

WicklowAverage price: €277,505Qtr-on-qtr change: 2.1%Year-on-year change: 11.0%Change from trough: 36.5%

WexfordAverage price: €161,961Qtr-on-qtr change: 4.3%Year-on-year change: 12.5%Change from trough: 29.6%

LongfordAverage price: €99,775

Qtr-on-qtr change: 2.8%Year-on-year change: 8.7%


WestmeathAverage price: €144,865Qtr-on-qtr change: 3.3%

Year-on-year change: 11.1%Change from trough: 22.7%

OffalyAverage price: €141,109



LaoisAverage price: €136,603Qtr-on-qtr change: 3.7%


KilkennyAverage price: €170,535Qtr-on-qtr change: 3.1%


CarlowAverage price: €143,967Qtr-on-qtr change: 1.6%

Year-on-year change: 6.9%From trough: 23.0%



0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

Within 6 months

Within 4 months

Within 2 months

How fast are properties in Leinster selling?



Dublin Commuter Counties West Leinster South-East Leinster

Q12006

Q12007

Q12008

Q12009

Q12010

Q12011

Q12012

Q12013

Q12014

Q22015

Q32015

€100,000

€150,000

€200,000

€250,000

€300,000

€350,000

€400,000

€450,000


Supply stabilisingThere were 6,700 properties for sale in Leinster

(outside Dublin) on October 1st, down slightly

compared to the same date a year ago (7,200).

Speed of sales stableThe fraction of Leinster properties finding a buyer

within four months is roughly stable, at 58% now

compared to 56% a year ago.

Transaction prices 1% above askThe average transaction price in Leinster is 1% above

its original list price, down slightly from 1.3% above

a year ago.

Commuter Counties coolingWhile inflation in Dublin’s four commuter counties

remains high (13.8% year-on-year), it has cooled

significantly since the start of year when it

peaked at 23.7%.

MunsterStrong gains in asking prices across Munster, especially in its cities, between June and September.

TipperaryAverage price: €147,463Qtr-on-qtr change: 3.8%Year-on-year change: 9.6%Change from trough: 15.9%

Limerick CityAverage price: €143,929Qtr-on-qtr change: 7.7%Year-on-year change: 17.3%Change from trough: 21.2%

Waterford CountyAverage price: €179,590Qtr-on-qtr change: 4.3%Year-on-year change: 15.8%Change from trough: 24.9%

Waterford CityAverage price: €126,688Qtr-on-qtr change: 7.2%Year-on-year change: 12.0%Change from trough: 20.9%

ClareAverage price: €147,314Qtr-on-qtr change: 6.4%


Limerick CountyAverage price: €149,613Qtr-on-qtr change: 4.2%


KerryAverage price: €160,729Qtr-on-qtr change: 3.4%


Cork CountyAverage price: €174,951Qtr-on-qtr change: 5.6%


Cork CityAverage price: €225,361Qtr-on-qtr change: 6.8%




0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

Within 6 months

Within 4 months

Within 2 months

How fast are properties in Munster selling?



Cork City Limerick City Waterford City Rest-of-Munster

Q12006

Q12007

Q12008

Q12009

Q12010

Q12011

Q12012

Q12013

Q12014

Q12015

Q32015

€100,000

€150,000

€200,000

€250,000

€300,000

€350,000

€400,000


Supply fallingThe stock of properties available to buy in Munster

continues to fall, with 8,500 on the market in October

1st, compared to 10,400 a year ago .

Sale speed stableJust under half of all properties in Munster find a

buyer within four months, a similar fraction now as

three and twelve months ago.

Transaction prices now above askThe average transaction price in Munster is now 0.9%

above the original list price, compared to 4.4% below

a year ago.

Urban price growthThere has been a significant increase in average

asking prices in Cork, Limerick and Waterford cities

since June, of 7-8%.

Connacht/UlsterMost of Connacht and Ulster witnessed modest growth of 2-3% in prices between June and September.

LeitrimAverage price: €100,480Qtr-on-qtr change: 1.9%Year-on-year change: 5.2%Change from trough: 17.0%

MonaghanAverage price: €135,493Qtr-on-qtr change: 2.1%Year-on-year change: 10.9%Change from trough: 18.7%

CavanAverage price: €123,237Qtr-on-qtr change: 4.1%Year-on-year change: 17.3%Change from trough: 20.0%

RoscommonAverage price: €110,374Qtr-on-qtr change: 3.1%Year-on-year change: 11.8%Change from trough: 20.4%

DonegalAverage price: €127,154Qtr-on-qtr change: 2.5%


SligoAverage price: €114,302Qtr-on-qtr change: 1.2%


MayoAverage price: €125,181Qtr-on-qtr change: 2.6%


Galway CityAverage price: €222,616Qtr-on-qtr change: 7.2%


Galway CountyAverage price: €152,209Qtr-on-qtr change: 2.7%




0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

Within 6 months

Within 4 months

Within 2 months

How fast are properties in Connacht/Ulster selling?



Galway County Connacht Ulster

Q12006

Q12007

Q12008

Q12009

Q12010

Q12011

Q12012

Q12013

Q12014

Q12015

Q32015

€100,000

€150,000

€200,000

€250,000

€300,000

€350,000

€400,000


Supply fallingThe stock of properties available to buy in Connacht

& Ulster continues to fall, with 7,600 on the market in

October 1st, compared to 9,200 a year ago.

Half sell within four monthsThere has been an increase in the fraction of Connacht-

Ulster properties selling within four months, rising from

40% a year ago to nearly 50% now.

Transaction prices remain below askThe average transaction price in Connacht-Ulster is

now 0.8% below the original list price, compared to

5.1% below a year ago.

Galway jump in pricesAs was the case in the Munster cities, there was a

strong increase - of over 7% - in Galway city asking

prices in the third quarter of the year.

Over the last 10 years, Daft.ie has collected a vast amount of data on the Irish property market. In 2014 alone, over 140,000 properties for sale were advertised on the site.About the ReportThe goal of the Daft Report is to use this

information to help all actors in the property

market make informed decisions about buying and

selling. In addition, because it is freely available,

the Daft Report can help inform the media, the

general public and policymakers about the latest

developments in the property market.

This is the Daft.ie House Price Report, the partner

to the Daft.ie Rental Report, which will be issued

next month. Together, they give house-hunters and

investors more information to help them make their

decisions. These twin reports mean that Daft is

the only objective monitor of trends in both rental

and sales markets on a quarterly basis, making the

report an essential barometer for anyone with an

interest in the Irish property market.

The Daft Report was first launched in 2005. It has

already become the definitive barometer of the

Irish rental market and is being used by the Central

Bank, mortgage institutions, financial analysts

and the general public alike. The Daft.ie House

Price report is Ireland’s longest-running house

price report, combining information from the Daft.

ie archives with data from Ireland’s Residential

Property Price Register.

Methodology and Sample SizeThe statistics are based on properties advertised

on Daft.ie for a given period. The regressions used

are hedonic price regressions, accounting for all

available and measurable attributes of properties,

with a Cooks Distance filter for outliers.

The average monthly sample size for lettings

properties is over 10,000. Indices are based

on standard methods, holding the mix of

characteristics constant, with the annual average of

2012 used as the base.

About Daft.ieDaft.ie is Ireland’s largest property website with

over 1.9 million unique users of the site generating

over 180 million page views each month.

DisclaimerThe Daft.ie Report is prepared from information

that we believe is collated with care, but we do

not make any statement as to its accuracy or

completeness. We reserve the right to vary our

methodology and to edit or discontinue the indices,

snapshots or analysis at any time for regulatory or

other reasons. Persons seeking to place reliance on

any information contained in this report for their

own or third party commercial purposes do so at

their own risk.

CreditsEconomic Analysis: Ronan LyonsMarketing and Communications: Martin ClancyDesign & Production: Derek Jones & Dara Gannon

Coming next:

The Daft.ie Rental Report 2015 Q3, in November 2015.The Daft.ie Rental Report will be published in November and will include a review of the performance of Ireland’s rental market in 2015 Q3, plus all the usual indices, snapshots, trends and rental yield analysis, providing analysts, tenants, landlords, students and the public with the most up-to-date information on Ireland’s rental market.

All data is Copyright © Daft Media Limited. The information contained in this report may only be reproduced if the source is clearly credited. Please contact Daft.ie on 01-4218700 for further information.

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